Please help fill in anything missing and in red.
Date | Account titles and explanation | Debit | Credit |
Sep-01 | Inventory | $ 15,600 | |
Note payable | $ 15,600 | ||
( to record purchase of inventory by issue of note ) | |||
Sep-30 | Interest expense | $ 117 | |
Interest payable ($15,600*9%*1/12) | $ 117 | ||
( to record interest on pippen note for 1 month) | |||
Oct-01 | Equipment | $ 18,000 | |
Note payable | $ 18,000 | ||
(to record purchase of new climbing wall by issue of note ) | |||
Oct-31 | Interest expense | $ 252 | |
Interest payable | $ 252 | ||
{ $ 117+($ 18,000*9%*1/12)} | |||
( to record accrued interest for pippen note and prime bank note ) | |||
Nov-01 | Equipment ($8,000+$26,400) | $ 34,400 | |
Cash | $ 8,000 | ||
Notes payable | $ 26,400 | ||
(to record purchase of vehicle wall by issue of note and cash paid $ 8000 ) | |||
Nov-30 | Interest expense | $ 384 | |
Interest payable | $ 384 | ||
{($ 252 + ($26,400*6%*1/12)} | |||
( to record accrued interest for Pippen note, prime bank note and vehicle note for $ 26,400 ) | |||
Dec-01 | Notes payable | $ 15,600 | |
Interest payable ($15,600*9%*3/12 ) | $ 351 | ||
Cash ($ 15,600+$ 351 ) | $ 15,951 | ||
( to record principal and interest on the pippen note ) | |||
Dec-31 | Interest expense | $ 267 | |
Interest payable | $ 267 | ||
{($ 18,000*9%*1/12)+ ($26,400*6%*1/12)} | |||
( to record accrued interest for prime bank note and vehicle note for $ 26,400 ) |
Notes payable | |||
Dec-01 | $ 15,600 | Sep-01 | $ 15,600 |
Oct-01 | $ 18,000 | ||
Nov-01 | $ 26,400 | ||
DEC 31 Bal | $ 44,400 | ||
Interest expense | |||
Sep-30 | $ 117 | ||
Oct-31 | $ 252 | ||
Nov-30 | $ 384 | ||
Dec-31 | $ 267 | ||
DEC 31 Bal | $ 1,020 | ||
Interest payable | |||
Dec-01 | $ 351 | Sep-30 | $ 117 |
Oct-31 | $ 252 | ||
Nov-30 | $ 384 | ||
Dec-31 | $ 267 | ||
DEC 31 Bal | $ 669 | ||
ORIOLE CORPORATION | |
Balance sheet ( Partial ) | |
December 31,2022 | |
Current liabilities : | |
Notes payable ( $ 18,000+$26,400) | $ 44,400 |
Interest payable (117+252+384+267-351) | $ 669 |
Interest expense incurred during the year : | |
interest expense incurred = $ 1,020 | |
{$117+$252+$384+$267} |
Please help fill in anything missing and in red. Oriole Corporation sells rock-climbing products and also...
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